ACE Adds Crisis Management Services to European Environmental Risks Coverage

March 19, 2014

ACE announced from London that it has “expanded its environmental risk insurance proposition to add crisis management cover, as part of its strategy to support the evolving environmental cover needs of companies in Europe.”

The proposition “now covers the costs of counsel and other expert services for businesses as they try to maintain and restore public confidence following a serious environmental incident,” ACE added.

ACE cited findings from its recent Emerging Risks Barometer, which concluded that “companies across the Europe, Middle East and Africa (EMEA) region ranked environmental risk as the second most likely emerging risk to have a financial impact on their business in the next two years.”

ACE said it “will partner with ‘red24assist’ to provide its clients with specialized crisis readiness and response services that will allow them to streamline their communications and processes, have access to critical specialist resources when facing a serious environmental incident and as a result to help preserve their reputation and bottom line.”

Key features of ACE’s crisis management coverage for environmental risks include the following:

— Responsive crisis management services cover

— Cover for costs associated with securing the scene following an incident, affected third-party medical costs as well as funeral, psychological counselling, temporary living, and other necessary response costs

— Cover for costs associated with public relations and crisis communications management as well as policy-maker engagement

— Cover for travel costs for directors, officers and others incurred at the direction of crisis management services

— Limits of up to £250,000 in aggregate for crisis management-specific liability

Karl Russek, Senior Vice President Environmental Risk for ACE Overseas General said: “At ACE, we believe that managing environmental risk successfully is about more than issuing an insurance policy. In particular, the reputational aspect of a serious environmental incident in the age of the 24-hour news cycle and social media is more important than ever before for businesses and needs dedicated expertise. By expanding our environmental risk proposition with crisis management services we can now offer our clients and their brokers comprehensive insurance cover combined with the reassurance of access to critical services that can help them navigate the immediate aftermath of a serious environmental incident.”

Source: ACE

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